Latest news on new naira note
Here are the latest news and updates on the new naira note in Nigeria:
Latest Update (March 2023): The Central Bank of Nigeria (CBN) has announced that the new naira notes will be introduced into circulation from March 27, 2023. The new notes will be available in denominations of N200, N500, and N1,000.
Background: The CBN had earlier announced plans to redesign the naira notes in November 2022, citing the need to reduce counterfeiting and improve the overall efficiency of the financial system.
Key Features of the New Notes: The new naira notes will have enhanced security features, including:
- Watermark: A transparent image of the Nigerian coat of arms will be visible when the note is held against light.
- Security Thread: A thin strip of material embedded in the paper will glow when the note is held against light.
- Hologram: A 3D image of the Nigerian coat of arms will appear when the note is tilted.
- Micro-Printing: Tiny text and images will be printed on the note to prevent counterfeiting.
- Raised Printing: The note will have raised printing to help the visually impaired identify the denomination.
Implementation Plan: The CBN has announced a phased implementation plan for the introduction of the new naira notes:
- March 27, 2023: The new notes will be introduced into circulation.
- April 2023: The old naira notes will cease to be legal tender.
- June 2023: The CBN will begin to withdraw the old notes from circulation.
Public Education Campaign: The CBN has launched a public education campaign to educate Nigerians on the new naira notes, including how to identify the notes and how to exchange old notes for new ones.
Challenges and Concerns: There have been concerns about the availability of the new notes, particularly in rural areas, and the potential disruption to the economy. The CBN has assured that adequate measures will be taken to ensure a smooth transition.
Other Developments: The Nigerian government has also announced plans to introduce a digital currency, the eNaira, to complement the physical currency. The eNaira is expected to be launched in the coming months.
I hope this information is helpful!